As recently announced by the Chancellor of Exchequer, homebuyers will not pay any tax on main residence up to £500,000 on purchases prior to 31 March 2021. This is extremely beneficial to those buying their first home, home movers or later life downsizing.
But what does this mean for you?
Previously, you would have paid stamp duty on homes sold for a minimum of £125,000, or if you were a first-time buyer, on properties more than £300,000.
This increase in the stamp duty threshold means “the average stamp duty saving will be £4,500, with 9 out of 10 buyers this year now paying no stamp duty at all on purchases”.
This phenomenal saving for homebuyers will also support those purchasing an additional home, however, investors will still be subject to the 3% stamp duty surcharge.
The introduction is hoped to encourage buyers like you to take advantage of the reduction in home move costs and make it easier for you buying in the coming months.
So what stamp duty would I pay when I purchase a property?
You can use the below tables to work out the stamp duty or simply contact me with your purchase price to find out more.
First time buyers and home movers
Purchasing an additional dwelling
How much would I be saving?
You may think it may not be worth taking advantage of the reduced tax, but do you actually know the saving that you will receive.
Here is a table to help you understand why this opportunity should not be missed:
Please note the stamp duty holiday only applies to England and Northern Ireland.
Should you wish to enquire about obtaining a mortgage and any other property market queries, please contact Lydia today on 01782 461563 or email at email@example.com.